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Sagimet Biosciences

SGMT on Nasdaq. Pharmaceutical preparations. Market value $228m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-58.9%five-year median

Each dollar kept in the business earns -59 cents a year. Above 10 is good.

Quality score: 40 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.

$9.03 a share, 101% above its 1-year low

Over the past year the price has ranged from $4.50 to $11.45.

Pays no dividend

Prices from Monday’s close (5 October).

Five years of cash, in billions

n/a
n/a
n/a
202320242025
Revenue
$2mn/an/a
Operating margin
-1537.0%n/an/a
Debt to equity
0.000.000.00
Shares outstanding
0.03bn0.03bn0.03bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Yes
  • Debt0.00× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 5% more shares since 2023

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $14 million, compared with a loss of $10 million a year ago.
  • 65% more shares than a year ago. Each share owns a bit less of the company.
  • It has $166 million more cash than debt, up from $42 million a year ago.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$15m
December 2024-$16m
March 2025-$18m
June 2025-$10m
September 2025-$13m
December 2025-$10m
March 2026-$11m
June 2026-$14m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
11 March 2026
Next quarterly (estimated, 10-Q)
10 November 2026

Who owns it

None of the long-term investors we follow own it. 122 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • BlackRock, Inc.
    Passive investor
    7.8%
    Since 30 June 2026
  • at least 5.9%
    (filed with 4 related holders)
    Since 30 June 2026
  • AP11 Limited
    Passive investor
    at least 4.9%−0.5 pts
    (filed with 1 related holder)
    Since 24 June 2025
  • Woodline Partners LP
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • Sold down below 5%
    Since 31 December 2024
  • KPCB Pandemic and Bio Defense Fund, LLC
    Passive investor
    Sold down below 5%
    Since 18 December 2025
  • Sold down below 5%
    Since 30 June 2025
  • New Enterprise Associates 13, L.P.
    Passive investor
    Sold down below 5%
    Since 31 March 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $5m, $4m of it under preset trading plans.

  • Kemble George
    Director
    Sold
    under a preset trading plan
    Date
    14 August 2026
    Shares
    350,987
    Price
    $10.23
    Value
    $4m
  • Kemble George
    Director
    Sold
    under a preset trading plan
    Date
    11 August 2026
    Shares
    20,206
    Price
    $9.95
    Value
    $201,147
  • Happel David
    President & CEO, Director
    Sold
    Date
    20 July 2026
    Shares
    64,051
    Price
    $7.76
    Value
    $497,068
  • Rozek Elizabeth
    Chief Legal & Admin. Officer
    Sold
    Date
    20 July 2026
    Shares
    10,545
    Price
    $7.76
    Value
    $81,832
  • Kemble George
    Director
    Sold
    under a preset trading plan
    Date
    20 July 2026
    Shares
    18,844
    Price
    $7.46
    Value
    $140,529
  • Happel David
    President & CEO, Director
    Sold
    Date
    10 February 2026
    Shares
    12,101
    Price
    $5.36
    Value
    $64,861
  • Chauche Thierry
    Chief Financial Officer
    Sold
    Date
    10 February 2026
    Shares
    1,312
    Price
    $5.36
    Value
    $7,032
  • Martins Eduardo Bruno
    Chief Medical Officer
    Sold
    Date
    10 February 2026
    Shares
    3,640
    Price
    $5.36
    Value
    $19,510
  • Rozek Elizabeth
    Chief Legal & Admin. Officer
    Sold
    Date
    10 February 2026
    Shares
    2,622
    Price
    $5.36
    Value
    $14,054
  • Kemble George
    Executive Chairman, Director
    Sold
    under a preset trading plan
    Date
    20 November 2025
    Shares
    37,688
    Price
    $7.69
    Value
    $289,821

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 11 Mar 2026, plus the 10-Q filed 11 Aug 2026 and 12 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On August 18, 2025, the Audit Committee of the Board of Directors (the “Board”) of Sagimet Biosciences Inc. (the “Company”) recommended and the Board approved (i) the appointment of KPMG LLP (“KPMG”) as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025 and related interim periods and, concurrently, (ii) the dismissal of Deloitte & Touche LLP (“Deloitte”) as the Company’s independent registered public accounting firm, effective immediately.”

    From an 8-K filed 22 August 2025: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.